American Banker tells us Why banks are putting PPP forgiveness on the back burner in THIS ARTICLE published August 10,2020. For all other cases, it requires a sensitivity analysis of how much was spent when and what will your FTE headcount look like from 8-24 weeks. If you have watched much of the political conventions over the past two weeks, it seems hard to imagine that a consensus will be reached any time soon. Any tax planning or estimates will need to take forgiveness amount into consideration. Loan Forgiveness Updates. Congress just passed legislation that creates funding for additional Paycheck Protection Program (PPP) loans for small businesses. PPP Loan Forgiveness Forms There are 3 choices in forms for forgiveness with distinct qualifications to be able to use the different forms. Menu. If you have any questions, please call MMNT at 860-643-1001. Here are answers to six questions which will address both strategies and the rumors: At this point there is NOT a second PPP program in place. PPP Loan Forgiveness Update November 19, 2020 Last night, Wednesday, November 18, 2020, the IRS issued a Revenue Ruling stating regardless of when the PPP Loan Forgiveness is submitted and there is a reasonable expectation the forgiveness will occur in the future, then the correlating PPP Loan expenses are non-deductible for the 2020 tax year. Here we go again! Late Wednesday evening 11/18/2020, the Department of Treasury issued a press release that specifies their position is that if Paycheck Protection Program (PPP) forgiveness is reasonably expected then expenses paid with PPP funds … Fears of a late-October PPP surprise came to the SBA’s attention because the program’s loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of “10/31/2020” in the upper-right corner. Frequently asked questions What’s the biggest loan I can get? He is a member of Fahrenheit’s Leadership Team. Because the PPP loan forgiveness process can be tedious, members of Congress have proposed legislation that would allow for a much simpler process of streamlined forgiveness for loans under a certain amount. CLICK HERE. Not yet, though Treasury Secretary Mnuchin had floated this idea some time ago and it had made its way into several bills that never passed. Skip to main content. Approximately 85% of PPP loans are $150,000 or less, so banks would welcome the ability to avoid the need to do a detailed review of all of those forgiveness applications. Update Regarding PPP Loan Forgiveness. This information is current as of November 18th, 2020. As of November 17, 2020, the IRS released a new Ruling and a new Procedure in regards to Paycheck Protection Program (PPP) loans. by Bill Berry on May 21, 2020. This procedure also states that you can deduct the expenses in 2020 if you forgo forgiveness of the loan. Published June 19, 2020. This also applies to those that haven’t applied for forgiveness at all yet. Borrowers are permitted to delay payment of payroll taxes even if they are planning to seek loan forgiveness. Our experts stand ready to help you with your loan as well as your unique finance and accounting needs – Experts@FahrenheitAdvisors.com. In addition to improving his clients’ accounting and finance operations, Doug frequently serves as the link between company owners and outside advisors including attorneys, CPAs, investment bankers, appraisers, and personal financial advisors. As of June 5, 2020, a new bill was signed into law by the President to expand the PPP loan forgiveness rules. He is skilled in identifying and integrating the full range of financial and non-financial business issues in contract negotiations and resolution of business decisions. A loan review may occur which would require additional information, but we expect reviews to be rare due to the number of PPP loans. Monday: 8:30 am – 5:00 pm Tuesday: 8:30 am – 5:00 pm Wednesday: 8:30 am – 5:00 pm Thursday: 8:30 am – 5:00 pm Friday: 8:30 am – 5:00 pm Saturday: Closed Sunday: Closed, MMNT Certified Public Accountants 160 Chapel Road Suite 301 Manchester, CT 06042 Email: help@mmnt-cpa.com Phone: 860.643.1001 Fax: 860.533.0405, Formerly known as Montovani, Murray, Nemphos and Tierinni, LLC, Matthew J. Tierinni, CPA Karl J. Badey, CPA, MST Philip S. Nemphos, CPA, CVA, Audits – Reviews – Compilations – Agreed-upon Procedures, 2021 Annual Report Instruction Form for Connecticut LLCs, Click here for the MMNT Employment Application. From March 27, 2020 ppp loan forgiveness update December 31, 2020 fractional CFO and senior financial services... Increase your taxable income of bankers about this and have not heard a lot of focus on the Program bankers! 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